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Basin Electric-Buyouts

Basin Electric-Buyouts

Hundreds of Basin Electric Power employees taking buyouts


The Associated Press - August 6, 2018

BISMARCK, N.D. - More than 300 Basin Electric Power Cooperative employees are taking buyouts as the North Dakota-based utility tries to cut costs amid a plummeting financial outlook.

Spokesman Curt Pearson tells The Bismarck Tribune that Basin's latest financial forecast predicts a decade of losses at subsidiary Dakota Gasification Co., which operates the Great Plains Synfuels Plant near Beulah.

Dakota Gasification has endured several years of losses as it struggles to compete with cheap natural gas made available by hydraulic fracturing in the Bakken oil field.

Utility rate increases have helped keep the co-op financially afloat, but Pearson says that isn't expected to last.

The majority of co-op employees taking buyouts are from North Dakota. Some are from South Dakota and Wyoming.



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